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Demand, Revenue and Supply Functions

1. What is true for the function: q=D (p) =-.53p+1283, where p=95.

a) Demand is instantaneous
b) Demand is marginal
c) Demand is inelastic
d) Demand is elastic
e) Demand is unit elastic

2. In a sample of 50 individuals, 7 said they would pay up to $100 for World Series Tickets. Of the people surveyed, what is the probability that any one randomly selected, would pay up to $90 for this ticket?

a) Less than or equal to 14%
b) 14%
c) 86%
d) Area of probability functions under zero to $90
e) None

3. Definite Integral with 3 on top (ending) and 2 on the bottom (start)

.

a) About 3.43
b) About 8.02
c) 4.75
d) None

4. The range of potential revenue from a project is: negative $200,000 to positive $400,000 (-2 less than or equal to x, which is less than or equal to 4). The probability density function of the potential outcome is represented by: f(x) = -0.0208x^2 + 0.417x + 0.208. From this data, what is the probability that your revenue will be $300,000 or less?

a) 0 .90158
b) 100.058
c) 0 .25415
d) 0 .85754
e) 0 .74158

5. When working with limits and continuous functions ---
a) A constant can not be factored
b) Limits of additions and subtraction can not be split.
c) The minimum and maximum of a constant vary w/ the probability
d) The limit of a constant is that constant
e) The curve of a constant function is always concave.

6. If you set a supply function equal to demand function, what are you representing?

a) Equilibrium differential
b) Equilibrium price and quantity
c) Consumer surplus
d) Producer surplus
e) Extra revenue

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Demand, Revenue and Supply Functions are investigated. The response received a rating of "5/5" from the student who originally posted the question.

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